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FinancialNews
05-11-18
Egypt's non-oil private firms raise output charges
(MENAFN) Egyptian non-oil private companies were announced to have raised their production prices in a period of ten months to hit a weakest rate.
The Emirates NBD Purchasing Managers' Index (PMI) explained the results to have been related to an ease in the rate of input price inflation.
"The Emirates NBD Purchasing Managers' Index (PMI) for Egypt fell modestly to 48.6 in October, compared to 48.7 in September," stated Mena economist at Emirates NBD Daniel Richards.
The economist noted "this is the second consecutive month of contraction for the index after having enjoyed a brief period in expansionary 50-plus territory in July and August."
Richards added "it is also the lowest reading of 2018, and the data suggests that private sector firms remain under pressure as Egypt's IMF-sponsored economic reform programme continues. That being said, the reading is still far higher than those seen at the start of the process in November 2016, and future expectations remain robust."
MENAFN0511201800450000ID1097660327
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